Future of e-Commerce in the Fashion Industry

What is the future of e-commerce going to look like? That's the question brands need to be asking themselves If they want to stay ahead. Although brick-and-mortar stores still hold the greatest piece of the overall industry, in reality, they are losing ground, while online stores are gaining it.

E-commerce market share has been growing at a fast rate, and valuations of online retail players are a lot higher than those of traditional retail companies. Major advancements are expected to be seen in e-commerce over the coming years.

Think about this, online shoppers have plenty of options. What separates one brand from the other?

The demand for custom and one of a kind experience is only constantly rising. Convenience is expected now more than ever before. How will this look on me and what could I pair this with? Technology enables brands to convey instinctive experiences to customers.

FASHION E-COMMERCE WEBSITES ARE A COMPLETELY DIFFERENT PLAYGROUND

While being beautiful and mesmerizing, fashion e-commerce is an extremely competitive online business. To stand out from everyone else, knowing customer needs and using several tools of the trade of both fashion and online commerce business is absolutely necessary.

Some things to be taken into account to stay ahead of the competition:

Immersive and interactive experiences

Attentive service features

Viewing products in 3 dimensions, VR, AR, and Mixed Reality.

Smartphones, tablets, smart tv’s and smartwatches can play a huge part of all online retail sales. The future looks increasingly portable and multi-device.

AI WILL BE THE NEW NORMAL

Machine learning in retail is on the rise, so it’s no surprise that AI is becoming an integral part of technology in the apparel industry. Companies like Amazon, Alibaba, Myntra and a few others have already implemented the technology in different areas of the chain.

Here are some of the ways that artificial intelligence is transforming the future of fashion.

1) Manage inventory :Machine learning algorithms use historical data to make predictions which helps retailers know how much stock to maintain to keep the business moving.

2) Connects with customers :Virtual Stylist helps shoppers find the right fit, rise, and stretch that's best for them. The chatbot uses processing technology to reply to customers.

4) Reducing returns :AI can help personalize the shopping experience, leading to making more informed purchases. In addition to elevating the customer experience and satisfaction, this reduces the return rate.

5) Search experiences :Visual search makes it easier for shoppers to discover and purchase the products they want. Simply snap and upload a photo of the product, then AI identifies the pictured product across several sites. Another type of search would be voice-driven search using NLP (Natural language processing).

CLOSING THOUGHTS

It’s clear that the fate of fashion will be molded in large part by advancements in AI and machine learning technology. Retailers will probably keep using artificial intelligence to increase efficiency, save on costs, and, at last, create a top tier shopping experience for customers.

It's important to stay updated when it comes to changes in the e-commerce landscape.